Panning out on the QQQQ daily chart back to July 2007, we can see the added importance of the 50.62/50.66 area. Not only is it the 2008 January gap close but it's also the July 2007 high, right before the strong August sell-off. This is the kind of confluence computers look for and we will soon find out if it carries the extra-weight the charts give it.
By the way, if we stall there, it's also the right shoulder on a ten month head and shoulder, if you count October/January as one large head. Now that would be a scary proposition.
By the way, if we stall there, it's also the right shoulder on a ten month head and shoulder, if you count October/January as one large head. Now that would be a scary proposition.
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on Saturday, May 17, 2008 at 5/17/2008 12:11:00 AM.
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